Market Profile Analysis dated 4th Mar 2020

Nifty Mar F:  11247 [ 11338 / 11061 ]

HVNs – (11105) / (11145) / 11165-175 / (11230) / 11275-290 / (11340) / 11580 / 11631 / 11734 / 11850 / 11945

NF seemed to have started with an ORR (Open Rejection Reverse) today as it scaled above PDH (Previous Day High) at open but was swiftly rejected back though there were no volumes above 11321 as the auction then probed lower till the ‘D’ period as it made a RE (Range Extension) lower to tag 11204. NF then formed a small balance below VWAP for the next 3 periods after which it made an attempt to scale above VWAP in the ‘H’ period but got rejected at 11254 and this triggered fresh supply to enter the auction causing a huge liquidation move to the downside as it fell by almost 200 points while making a low of 11061 in the ‘I’ period and in the process completed the 3 IB objective of 11064. The move away from Value was too quick with the dPOC for the day not shifting lower, NF then played the 45 degree Rule into the close as it not only retraced the entire move down from the ‘H’ period & in the process tagged the dPOC of 11245 but also went on to leave a PBH (Pull Back High) at 11284 in the L period before closing the day at dPOC of 11245. Today’s range was completely inside the Monday’s range and NF is now making a nice 4-day composite profile with Value at 11184-11280-11364 which can be seen here.

  • The NF Open was an Open Auction In Range  (OAIR)
  • The day type was a Normal Variation Day – Down [3 IB] 
  • Largest volume was traded at 11245 F
  • Vwap of the session was at 11201 with volumes of 185.9 L and range of 277 points as it made a High-Low of 11338-11061
  • The settlement day Roll Over point (Mar) is 11610
  • The VWAP & POC of Feb Series is 11944 & 12125 respectively.
  • The VWAP & POC of Jan Series is 12178 & 12132 respectively.
  • The VWAP & POC of Dec Series is 12087 & 12182 respectively.

You can check the monthly charts & other swing levels for Nifty & NF here & for the weekly charts & analysis, please click here.

Daily Zones:

  • Value zones (volume profile) are at 11161-11245-11302

Main Hypos for the next session:

a) NF needs to sustain above 11245 for a rise to 11265 / 11285-298 / 11315-321 & 11340*
b) Sustaining below 11240, the auction could fall to 11220 / 11195-190 / 11165 & 11145-124

Extended Hypos:
c) Above 11340, NF can probe higher to 11358-370 / 11396-404 & 11424-442
d) Below 11124, the auction can move lower to 11106-100 / 11080-055 & 11031-024


BankNifty Mar F:  28753 [ 29300 / 28158 ]

HVNs – 29395 / 28511 / 28845 / (28970) / 29030 / 29100 / 29220-270 / 29425-455 / 29550 / 30085

BNF opened lower & showed more intent in moving away from the previous day’s balance as it left a selling tail from 29119 to 29300 in the IB leaving singles at yesterday’s POC and made a RE right in the C period as it left an extension handle at 28965 leading to a trending move lower till the ‘F’ period where it made lows of 29768 stalling right above PDL (Previous Day Low). The auction then gave a small pull back in the ‘G’ period as it left a PBH at 28890 and the inability to even test VWAP meant that the sellers were completely in control and this led to a huge move to the downside in the ‘H’ & ‘I’ periods as BNF not only made new lows for the week but went on to complete the 3 IB target of 28294 as it made lows of 28158 before giving a swift retracement into the close like NF did and played the 45 degree rule as it tagged the dPOC of 28845 before settling to close at 28753 near the VWAP of the day. The day’s profile is an elongated one given the range of 1142 points with overlapping to lower Value so the auction could fill up the low volume zone of today filling up the profile below 28845 to 28395 in the coming session.

  • The BNF Open was an Open Auction In Range  (OAIR)
  • The day type was a Normal Variation Day – Down [3 IB] 
  • Largest volume was traded at 28845 F
  • Vwap of the session was at 28722 with volumes of 57.5 L and range of 1142 points as it made a High-Low of 29300-28158 (if we ignore the freak tick of 29648 in the opening minute)
  • The settlement day Roll Over point (Mar) is 30520
  • The VWAP & POC of Feb Series is 30692 & 30692 respectively.
  • The VWAP & POC of Jan Series is 31425 & 32104 respectively.
  • The VWAP & POC of Dec Series is 31956 & 32102 respectively.

For the Monthly charts & other swing levels for BankNifty & BNF click here & for the weekly charts & analysis, please click here.

Daily Zones:

  • Value zones (volume profile) are at 28381-28846-28976

Main Hypos for the next session:

a) BNF needs to scale above 28804 & sustain for rise to 28858-880 / 28944 / 29008-040 / 29105-150 & 29210-275
b) The auction has immediate support at 28730-700 below which it could fall to 27630-580 / 28511-460 / 28395-368 / 28300 & 28225-200

Extended Hypos:
c) Above 29275, BNF can probe higher to 29360-430* / 29500 / 29552-596 & 29632-700
d) Below 28200, lower levels of 28150-083 / 28035-27970 / 27900-880 & 27840-774 could be tagged

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